South African bank looks to expand presence in Nigeria
Emmanuel Addeh in Abuja
Despite a 64 per cent year-to-date rally that has made Nigeria’s equities market the second-best performing stock market globally after South Korea, global investment firm T. Rowe Price has said the Nigerian market still has room for further growth.
Johannes Loefstrand, who manages about $310 million in frontier-market assets at T. Rowe Price, said structural reforms undertaken by the federal government had improved the investment outlook and created opportunities for active stock pickers.
Speaking on Bloomberg TV’s Next Africa, Loefstrand said he was “excited” about Nigeria’s prospects, pointing to the removal of fuel subsidy and liberalisation of the foreign exchange market as key policy shifts that had changed investor sentiment.
